“While these ideas represent a start, much more can be done to improve our budget process in order to help achieve more fiscally responsible policies," Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.

The dust has barely settled on the midterm elections, but there are a number of key fiscal issues not only facing the current Congress in coming weeks, but also awaiting the new Congress, which will convene in early 2019.

“As policymakers begin to prepare for the new landscape in Washington, they have both a requirement and a valuable opportunity to work together on fiscal solutions," Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.

Trillion-dollar annual deficits not seen since the Great Recession are expected to return as soon as next year, and when that happens, American taxpayers will be paying an average of $1 billion per day in interest costs on the national debt.

“As troubling as this year’s deficit is, it’s just the beginning of large and growing deficits as far as the eye can see," Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, said.